LCA ups stake in solar cell manufacturer

Low Carbon Accelerator (LCA) has upped its stake in Quantasol, bringing its total equity ownership to 25.6%.

LCA announced an investment of £320,000 in QuantaSol.

LCA invested £480,000 in June 2007 as part of an overall £1.35m seed funding round which also included investment from Imperial Innovations, Numis Securities, Netscientific, and Sheffield University Enterprise.

“With the new round of funding in place we are confident of setting a new efficiency record for single junction cells during 2008.

Kevin Arthur, chief executive of Quantasol

Low Carbon Accelerator and Imperial Innovations were co-lead equity investors.

Kevin Arthur, chief executive of Quantasol, said: "The world record for solar efficiency was a real one-off and our results consistently come very close to equalling that. With the new round of funding in place we are confident of setting a new efficiency record for single junction cells during 2008. The Quantum Wells also make it possible to enhance the efficiency of multi-junction cells and, during 2008, QuantaSol also aims to set a record 35% tandem cell efficiency."

Dr Stephen Mahon, chief investment officer at Low Carbon Initiative, LCA's investment manager, said: "We are very pleased with the progress that QuantaSol has made since our initial investment, exceeding the milestones which we set. The market for CPV is enormous, and, if they can show their cells are the world's most efficient, QuantaSol looks poised to take full advantage of it."